If your looking at filing bankruptcy you will hear a lot of different terms fly at you. One of them is "Chapter 13 Bankruptcy" which is drastically different than Chapter 7. Before you step into an attorneys office you should know what these terms mean and what they imply to your case.
Typically someone will file Chapter 13 bankruptcy when they are not able to pay any of their debtors. Chapter 13 may allow it so your debtors cannot foreclose on your house or car. You will still be accountable for your debt but you will not have to sell your assets (liquidated) to settle your debts. If you file for Chapter 13 expect to be paying off your current debtors for the next three to five years, which is why its know as the wage earners bankruptcy.
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You should meet with an attorney and consider Chapter 13 bankruptcy if you expect the following. You do not want to liquidate all your assets. Your not able to pay the mortgage. What you own is more valuable than the amount left to foreclose. Your income bracket is to high to file for Chapter 7. You were not able to file Chapter 7. An attorney will help you with this process to make sure that bankruptcy is the best possible option.
The courts look for a few factors to determine if you are eligible for chapter 13. Some of them include the following. You have a regular income so that you can pay the debt off over time. You are currently or have recently been in a credit counseling class. Your family makes more than the median family in your area. You have not filed Chapter 13 in the last two years.
An attorney will help you build a repayment plan. The repayment plan is sent to each and everyone of your creditors. After you have made your plan you will send it into the courts and, hopefully, will be under the protection of the Chapter 13 law.
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